US backbone operator Cogent Communications has increased the size of its previously announced US$245m bond due 2022 to US$250m and priced it at par.
The 5.375% senior secured note offering is expected to close on 20 February 2015, subject to customary…
US backbone operator Cogent Communications has increased the size of its previously announced US$245m bond due 2022 to US$250m and priced it at par.
The 5.375% senior secured note offering is expected to close on 20 February 2015, subject to customary closing conditions, the company said in a statement.
Proceeds from the offering, plus cash on hand, will be used to redeem its 8.375% senior secured notes due 2018, which have an outstanding balance of US$240m.
These will be redeemed in full on 12 March 2015 at a price of 104.188% of the outstanding principal amount plus accrued and unpaid interest.
Bank of America Merrill Lynch advised Cogent on the offering.
Washington-based Cogent Communications is a tier 1 facilities-based ISP, which provides businesses with high speed internet access, ethernet transport and co-location services in 190 markets globally.
According to its website, the operator’s facilities-based network spans across North America, Europe and Asia interconnecting with over 5,130 other networks.
